“Do I buy now or wait out the market?” This is a question that many homebuyers have asked themselves over the past year and a half. It’s a game of risk. Understandably, everyone wants the most bang for their buck and not have buyers’ remorse in a year. Is now the right time to buy, or should you continue to wait out the market?
Florida Home Prices Spiked
It is no secret that during the pandemic, home prices rose significantly. Most people assumed this would be a temporary drop and that the housing market would have returned to normal well before now. So, they put their home selling and buying plans on hold until prices dropped again. However, this spike in home prices seems to have plateaued for now.
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The Current Situation
Now, a little over a year-and-a-half after the pandemic, home prices are still high. According to FloridaRealtors, buyers are having trouble finding inventory, and if they do, they may be priced out of them. Many who began looking at the beginning of the pandemic are still looking at the end of 2021.
Inventory Shortage is Escalating the Issue
People are equating Florida’s current real estate situation to the housing market crash of 2007. It makes them want to proceed with caution. But, there is a significant difference between today’s real estate market and that of 2007’s. Florida currently faces severely restricted inventory. However, in 2007, inventory remained at relatively normal levels.
Historically low inventory levels lead to bidding wars where buyers pay over the asking price to get the home of their dreams. This is yet another way buyers are getting priced out of homes.
What Should You Do?
Many home buyers have chosen to push the pause button on selling their homes if they can’t find an available home at their price point. On the other hand, others have taken advantage of the seller’s market and chosen to rent until they feel comfortable purchasing in this market.
With demand outpacing supply, there is no question that now is a great time to sell your home and receive top dollar. If you’re on the other end of the equation as a home buyer, you shouldn’t give up your search. There are still great homes out there. The key is to partner with a trusted Realtor who can find these great homes that may be difficult or impossible to find if you go it alone.
Gitta Sells has over 32 years of experience in Lake Mary’s real estate market. Gitta and her team will work tirelessly to help you sell your current home and find the home of your dreams. Feel free to reach out with any questions you may have at firstname.lastname@example.org or 407-330-2181!